D'HULSTER: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
D'HULSTER
Largest movements
- Tangible fixed assets +€38,140
up €38,140 (+26.8%), from €142,311 to €180,450
of which Furniture and vehicles: +€65,074
- Cash +€18,706
up €18,706 (+14.1%), from €133,126 to €151,832
mainly Net result for the year (+€54,992) and Depreciation (+€33,548)
- Receivables within one year +€18,175
up €18,175 (+30.9%), from €58,905 to €77,079
of which Trade receivables: +€18,175
- Stocks and contracts -€12,996
down €12,996 (-15.4%), from €84,648 to €71,652
of which Stocks: -€11,725
- Reserves +€54,992
up €54,992 (+33.6%), from €163,531 to €218,523
of which Distributable reserves: +€54,992
- Debts after one year +€12,581
up €12,581 (+18.3%), from €68,633 to €81,213
- Current portion of long-term debt +€6,825
up €6,825 (+22.9%), from €29,820 to €36,645
- Other debts -€5,071
down €5,071 (-12.3%), from €41,211 to €36,140
- Gross operating margin +€54,694
up €54,694 (+59.9%), from €91,240 to €145,933
- Taxes +€17,664
up €17,664 (+205%), from €8,612 to €26,277
- Depreciation +€3,911
up €3,911 (+13.2%), from €29,637 to €33,548
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €422,842 | €489,123 | +€66,281 | +15.7% |
| Fixed assets | 21/28 | €144,128 | €182,267 | +€38,140 | +26.5% |
| Tangible fixed assets | 22/27 | €142,311 | €180,450 | +€38,140 | +26.8% |
| Land and buildings | 22 | €91,109 | €86,414 | -€4,695 | -5.2% |
| Plant, machinery and equipment | 23 | €44,185 | €21,946 | -€22,239 | -50.3% |
| Furniture and vehicles | 24 | €7,016 | €72,091 | +€65,074 | +927% |
| Financial fixed assets | 28 | €1,817 | €1,817 | = | 0.0% |
| Current assets | 29/58 | €278,714 | €306,855 | +€28,141 | +10.1% |
| Stocks and contracts in progress | 3 | €84,648 | €71,652 | -€12,996 | -15.4% |
| Stocks | 30/36 | €82,267 | €70,543 | -€11,725 | -14.3% |
| Contracts in progress | 37 | €2,381 | €1,109 | -€1,271 | -53.4% |
| Amounts receivable within one year | 40/41 | €58,905 | €77,079 | +€18,175 | +30.9% |
| Trade receivables | 40 | €55,517 | €73,692 | +€18,175 | +32.7% |
| Other amounts receivable | 41 | €3,388 | €3,388 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €133,126 | €151,832 | +€18,706 | +14.1% |
| Deferred charges and accrued income | 490/1 | €2,036 | €6,292 | +€4,257 | +209% |
| Total equity and liabilities | 10/49 | €422,842 | €489,123 | +€66,281 | +15.7% |
| Equity | 10/15 | €213,110 | €268,102 | +€54,992 | +25.8% |
| Contributions | 10/11 | €49,579 | €49,579 | = | 0.0% |
| Reserves | 13 | €163,531 | €218,523 | +€54,992 | +33.6% |
| Tax-exempt reserves | 132 | €10,104 | €10,104 | = | 0.0% |
| Distributable reserves | 133 | €153,427 | €208,419 | +€54,992 | +35.8% |
| Amounts payable | 17/49 | €209,732 | €221,021 | +€11,289 | +5.4% |
| Amounts payable after more than one year | 17 | €68,633 | €81,213 | +€12,581 | +18.3% |
| Financial debts | 170/4 | €68,633 | €81,213 | +€12,581 | +18.3% |
| Amounts payable within one year | 42/48 | €137,531 | €137,069 | -€462 | -0.3% |
| Current portion of amounts payable after more than one year | 42 | €29,820 | €36,645 | +€6,825 | +22.9% |
| Trade debts | 44 | €42,778 | €42,151 | -€627 | -1.5% |
| Suppliers | 440/4 | €42,778 | €42,151 | -€627 | -1.5% |
| Taxes, remuneration and social security | 45 | €23,722 | €22,133 | -€1,588 | -6.7% |
| Taxes | 450/3 | €15,076 | €16,266 | +€1,190 | +7.9% |
| Remuneration and social security | 454/9 | €8,646 | €5,867 | -€2,778 | -32.1% |
| Other amounts payable | 47/48 | €41,211 | €36,140 | -€5,071 | -12.3% |
| Accrued charges and deferred income | 492/3 | €3,568 | €2,738 | -€830 | -23.3% |
| Non-recurring operating income | 76A | €0 | €14,000 | +€14,000 | |
| Remuneration, social security and pensions | 62 | €20,057 | €20,748 | +€690 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,637 | €33,548 | +€3,911 | +13.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €4,384 | €4,461 | +€77 | +1.8% |
| Gross operating margin | 9900 | €91,240 | €145,933 | +€54,694 | +59.9% |
| Operating profit (loss) | 9901 | €37,162 | €87,177 | +€50,015 | +135% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €6,647 | €5,908 | -€739 | -11.1% |
| Recurring financial charges | 65 | €6,647 | €5,908 | -€739 | -11.1% |
| Profit (loss) for the period before taxes | 9903 | €30,515 | €81,269 | +€50,754 | +166% |
| Income taxes | 67/77 | €8,612 | €26,277 | +€17,664 | +205% |
| Profit (loss) for the period | 9904 | €21,903 | €54,992 | +€33,089 | +151% |
| Profit (loss) for the period to be appropriated | 9905 | €21,903 | €54,992 | +€33,089 | +151% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.